Crude Oil: Oil trading lower, ahead of Baker Hughes weekly rig count

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.98% against the USD and closed at USD67.02 per barrel, as Saudi Arabia’s Energy Minister, Khalid Al-Falih, signalled that major producers might have to intervene in crude markets to support prices.

In the Asian session, at GMT0300, the pair is trading at 66.78, with oil trading 0.36% lower against the USD from yesterday’s close, after Saudi Arabia’s OPEC Governor, Adeeb Al-Aama, stated that the market could face oversupply in the fourth quarter.

The pair is expected to find support at 65.96, and a fall through could take it to the next support level of 65.15. The pair is expected to find its first resistance at 67.62, and a rise through could take it to the next resistance level of 68.47.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages .

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.